SiTime (NASDAQ:SITM) Coverage Initiated at The Goldman Sachs Group

Investment analysts at The Goldman Sachs Group began coverage on shares of SiTime (NASDAQ:SITM) in a research report issued to clients and investors on Monday, Marketbeat reports. The brokerage set a “buy” rating and a $420.00 price target on the stock. The Goldman Sachs Group’s target price indicates a potential upside of 15.51% from the company’s previous close.

A number of other brokerages have also recently issued reports on SITM. Barclays increased their target price on SiTime from $220.00 to $260.00 and gave the stock an “underweight” rating in a report on Thursday, November 6th. Loop Capital assumed coverage on shares of SiTime in a research note on Friday, November 21st. They issued a “buy” rating and a $350.00 target price on the stock. Stifel Nicolaus set a $360.00 target price on shares of SiTime in a research note on Thursday, November 6th. Raymond James Financial restated an “outperform” rating on shares of SiTime in a research report on Tuesday, December 2nd. Finally, UBS Group lifted their price objective on SiTime from $355.00 to $375.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Seven research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $343.13.

SiTime Price Performance

Shares of SITM stock opened at $363.60 on Monday. SiTime has a one year low of $105.40 and a one year high of $387.52. The stock has a fifty day moving average price of $302.36 and a 200 day moving average price of $256.68. The stock has a market cap of $9.49 billion, a P/E ratio of -122.84 and a beta of 2.55.

SiTime (NASDAQ:SITM) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.16. The firm had revenue of $83.57 million for the quarter, compared to analyst estimates of $78.08 million. SiTime had a negative net margin of 25.18% and a negative return on equity of 5.69%. The business’s revenue for the quarter was up 44.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.40 EPS. Equities research analysts anticipate that SiTime will post -2.44 EPS for the current year.

Insider Transactions at SiTime

In other news, insider Samsheer Ahamad sold 4,000 shares of the company’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $291.10, for a total value of $1,164,400.00. Following the completion of the sale, the insider directly owned 51,711 shares of the company’s stock, valued at $15,053,072.10. This represents a 7.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Rajesh Vashist sold 2,000 shares of the stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $291.02, for a total transaction of $582,040.00. Following the completion of the sale, the chief executive officer owned 433,609 shares in the company, valued at $126,188,891.18. This represents a 0.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 28,500 shares of company stock worth $8,853,310. Insiders own 2.30% of the company’s stock.

Institutional Trading of SiTime

Large investors have recently made changes to their positions in the company. Peregrine Investment Management Inc. grew its holdings in SiTime by 28.4% in the 2nd quarter. Peregrine Investment Management Inc. now owns 67,870 shares of the company’s stock valued at $14,462,000 after buying an additional 15,000 shares in the last quarter. Fred Alger Management LLC grew its stake in shares of SiTime by 45.5% in the first quarter. Fred Alger Management LLC now owns 128,525 shares of the company’s stock valued at $19,648,000 after acquiring an additional 40,220 shares in the last quarter. Invesco Ltd. increased its position in SiTime by 4.8% during the second quarter. Invesco Ltd. now owns 1,019,140 shares of the company’s stock worth $217,158,000 after acquiring an additional 46,721 shares during the period. Verdence Capital Advisors LLC acquired a new stake in SiTime in the 2nd quarter worth about $230,000. Finally, Intech Investment Management LLC boosted its holdings in SiTime by 241.3% in the 2nd quarter. Intech Investment Management LLC now owns 28,400 shares of the company’s stock valued at $6,051,000 after purchasing an additional 20,078 shares during the period. Institutional investors own 84.31% of the company’s stock.

About SiTime

SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, Singapore, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. It serves various markets, including communications, datacenter, enterprise, automotive, industrial, internet of things, mobile, consumer, and aerospace and defense.